A Study On The Influence Of The Policy Of Accelerated Depreciation Of Fixed Assets On TFP Of Enterprise

The tax policy plays an important role in regulating the development of enterprises and is an important policy tool for the government to conduct macro-control.In recent years,as China’s economy has entered a new stage of comprehensive and high-quality development,Chinese enterprises are facing increasingly severe ecological and resource constraints,intensified international competition and other outstanding problems.Under the market economy,the rising cost makes the capital liquidity of enterprises insufficient,and equipment upgrading is slow,which ultimately restricts enterprises to improve their productivity by investing in fixed assets and reduces their market competitiveness.During this period,in order to adapt to and lead the new normal,meet the constantly improving consumption structure,and encourage and support high-quality development of enterprises,China began to focus on the supply side structural reform.As fixed assets are an important part of enterprise assets,they play a very important role in the process of creating value and promoting the growth of the real economy.Therefore,China’s supply side structural reform first takes increasing fixed asset investment as the focus of reform,and has successively issued many preferential tax policies,hoping to improve enterprise efficiency and promote industrial upgrading by stimulating enterprises’ fixed investment.An important part of the tax reduction policy is actually the accelerated depreciation policy for fixed assets.The purpose of this policy is to allow the depreciation amount of fixed assets to be deducted in advance when calculating the enterprise income tax.Without changing the overall tax burden of the enterprise,the taxable income of the enterprise at the initial stage is reduced.In the form of deferred tax payment,the cash flow of the enterprise is improved,so as to promote the investment in fixed assets of the enterprise.In 2014,China started to implement the accelerated depreciation policy of fixed assets in six major industries.In 2015,China extended the scope of application of the policy to the four key industries of textile,light industry,automobile and machinery,and in 2019,it extended the scope of application to all manufacturing industries,realizing the basic benefits of the policy in China’s manufacturing industry.By changing the time of tax liability,the policy enables enterprises to obtain an "interest free loan" in the early stage of investment,thus promoting enterprises to expand investment,stimulate enterprise vitality,improve production efficiency,and thus promoting the high-quality development of the entire national economy.The accelerated depreciation policy of fixed assets has been implemented since2014,with its scope of application expanding and reform strengthening.As a strong structural tax reduction policy,can the preferential tax policy stimulate enterprises to expand investment? Can we effectively improve the production efficiency of enterprises and promote the growth of the national economy? In view of the above problems,this paper evaluates the effect of the tax preference policy from the perspective of total factor productivity through theoretical analysis and empirical research,and puts forward corresponding policy recommendations based on the empirical results.The study found that under the impact of accelerated depreciation policy,the total factor productivity of pilot industry enterprises increased.Through the mechanism test,it is proved that the accelerated depreciation policy of fixed assets stimulates the upgrading of enterprises’ machinery and equipment and R & D innovation,thereby improving total factor productivity.At the same time,the policy effect of accelerated depreciation policy on different types of enterprises is also different.Firstly,compared with small-scale enterprises,accelerated depreciation policy improves the total factor productivity of large-scale enterprises more significantly.Secondly,compared with state-owned enterprises,the accelerated depreciation policy has a more significant improvement on the total factor productivity of private enterprises.Thirdly,the accelerated depreciation policy has a better effect on enterprises in regions with higher degree of marketization than those in regions with lower degree of marketization.Finally,accelerated depreciation policies have significantly improved the total factor productivity of enterprises in the central and eastern regions,but the policy effect of enterprises in the central region is better.Finally,in order to make the accelerated depreciation policy play a better role and stimulate the vitality of enterprises,This paper puts forward three suggestions from the perspective of the government.